PHOENIX—The class-A office property, The Grove at Black Canyon, located in the Interstate 17 Corridor, has been acquired by Drawbridge Realty of San Francisco. A $14.5 million price tag accompanied the project from its seller, NSD Holdings of La Jolla, CA.
The property located at 11001 N. Black Canyon Highway contains 95,389 square feet of office space and is 100% leased by Mass Mutual.
Cushman & Wakefield senior managing directors, Bob Buckley, Tracy Cartledge and Steve Lindley and associate, Ben Geelan, along with executive managing director, Jeff Wentworth and senior vice president Sean Spellman negotiated the sale.
Buckley tells GlobeSt.com: "The excellent asset quality and freeway-frontage location that attracts high quality, strong national tenants made The Grove an outstanding investment for the buyer, especially considering MassMutual leases the entire property with a long remaining lease term."
The property was built in 1986 and renovated in both 2009 and 2013.
"The property has a strong history of success with high-quality tenants. CIGNA previously occupied the entire building. Many factors made this an appealing acquisition," Buckley continues.
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